Sellers of localized OFZs will have to pay 20% of the deal to the budget

will oblige sellers of localized shares and OFZs to make a “voluntary contribution” to the budget in the amount of 20% of the value of securities from the transaction.Each such transaction will continue to be approved by the subcommittee.

Sellers of securities localized in RUSSIA, including shares, OFZs and corporate bonds, will be required to pay a voluntary fee of 20% to the federal budget of the nominal value of these securities, follows from the minutes of the meeting of the government subcommittee on foreign investment control signed by Deputy Finance Minister Alexei Moiseev ( have RBC). FrankMedia was the first to report this.

it follows from the minutes that the subcommittee in its decision refers to the Decree of the President of Russia dated March 3, 2023 No. 138 “On additional temporary economic measures related to the circulation of securities”, which complicated the sale of Russian securities purchased from foreigners: now investors need to obtain permission on transactions with securities of Russian companies, if they were previously purchased from owners from unfriendly countries.

A contribution to the federal budget in the amount of 20% of the nominal value of Russian securities will be required in case of transactions:

with federal loan bonds; bonds of Russian issuers, the centralized accounting of rights to which (mandatory centralized storage of which) is carried out by the Russian depository; with Russian securities (in the case of transactions with shares of Russian joint-stock companies or mutual funds).

As an unnamed federal official clarified to FrankMedia, initially the desire of the Ministry of Finance and the Central Bank was to help those stuck in foreign depositories, however, due to the possibility of arbitrage on transactions where the selling party was third parties from "unfriendly" non-residents, those who who wanted to earn on arbitration and discount.

“The logic is that we do not want to destabilize the market, and if the state has created arbitration, then it should participate in the distribution of profits when it is closed,” the official noted and added that each transaction will continue to be agreed by the subcommittee.

RBC sent a request to the Central Bank and the Ministry of Finance .

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From July 2022, the law allows holders of securities of Russian issuers to forcibly transfer the accounting of rights to assets from depo accounts of foreign nominal holders to domestic depositories. According to the Central Bank, securities worth 1.36 trillion rubles were transferred to the Russian infrastructure in 2022 in this way. and 94.4% accounted for OFZ.

The Ministry of Finance and the Central Bank have introduced a special procedure for transactions with such securities (shares, bonds, OFZ, shares) purchased from foreigners and credited to an account with a Russian depository - transactions with them must be coordinated by a subcommittee of the government commission. The restrictions do not apply to shares received as a result of the redemption of depository receipts if the investor owned them before March 1, 2022, the Bank of Russia specified.

On August 4, 2022, the Bank of Russia issued an order prohibiting transactions with securities credited from the accounts of foreign depositories or authorized holders, with the exception of securities purchased before March 1, 2022. This restriction was supposed to be in effect until February 3 inclusive, but on December 28, 2022, the Central Bank extended the quarantine for localized securities for another six months, until June 27, 2023.